Copper prices have recently initiated a new bullish phase, climbing to $4.2070. This upward movement aims to counteract negative signals from key indicators and validate the previously forecasted bullish trend. The ongoing stability above the support level of $4.0250 is critical in confirming this positive outlook, with expectations set on surpassing the initial target of $4.2600 and reaching a subsequent barrier at $4.3900.
However, a shift in the main trend could occur if prices drop below the 38.2% Fibonacci retracement level at $3.9300. Such a decline might lead to further losses, potentially targeting $3.8200 and $3.6800 before any attempt to rebound and achieve positive targets.
For today, the anticipated trading range for copper is between $4.1100 and $4.2600.
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